Real Estate Broker E&O Insurance Cost

Real Estate Broker E&O Insurance Cost

Estate Agents

    • Instant Professional Indemnity insurance tailored specifically for your business
    • Opportunity to compare and select policies from NZ leading insurers
    • Quick and easy online process, no forms to fill in, get covered in minutes

Insurance for Real Estate Agents

... inquiries to the Real Estate Agents Authority (REAA). Insurance for Real Estate Agents Professional Indemnity Professional Indemnity insurance is designed to protect your business against legal claims and costs by third ...

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Understanding the risks for Real Estate Agents

... they will ever make. As a real estate agent, you can find yourself in ... insurance to protect you against the costs related to of data loss and other cyber & privacy breaches. Codes of ethics violations As a real estate ...

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What is Public Liability Insurance?

... be working. Real Estate Agents - As well as Realtors and Mortgage Brokers. Real estate agents frequently hold ... calculated, visit our How much does Public Liability insurance cost? page. Could this happen to your business? ...

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What does Professional Indemnity Insurance cover?

... a financial loss Guilty or not, the cost of defending an accusation of wrongdoing alone can ... insurance and these include: Registered Migration Agents Architects and Draftsmen Real Estate Agents Finance and Mortgage Brokers ...

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What is Professional Indemnity Insurance?

... Management Consultants Accountants & Tax Agents Real Estate Agents And many more! Even ... typically does (and does not) cover. How the cost of Professional Indemnity insurance is calculated - There are many factors that can ...

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4 Tips For Starting An Online Business

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Help Protect your small business' reputation

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What is Business Insurance

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BizSave

... Hair & Beauty Services Handyman Allied Health Professionals Real Estate Agents #Bizsave Just like this small trades business, you too can save big on your business insurance. With our price promise we can help you ...

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What does business insurance cover

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Insurance for Engineers

... To receive an accurate idea of how much business insurance will cost for your civil engineering business, have a chat ... awesome and never gave up…well done Paul G. Real Estate Agency Service Quick and easy to use service – ...

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Insurance by Industry

... Brokers Painters Personal Trainers Photographers Plumbers Psychologist Real Estate ... find out how to get in touch with one of our business insurance professionals. You can also access quick links to our self-service portal ...

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Do I need Public Liability Insurance?

... cost? Is Public Liability insurance a legal requirement? Do I need Public Liability Insurance Insurance? Public Liability insurance ... our operating requirements. Kim (Mr) F. Real Estate Agency Service Early to know if the ...

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Digital Marketing Tips For Tradies

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How Tradies can use LinkedIn

... as network with potential business partners such as real estate agents, builders, and architects. LinkedIn can ... , don't forget the important role that business insurance can play for the future of your trade business ...

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Professional Indemnity

... does Professional Indemnity insurance cost? The cost of Professional Indemnity insurance depends on a ... contractors , management consultants , accountants and real estate agents among many others. Professional Indemnity ...

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Business Interruption Insurance

... days, weeks, or months. Ongoing costs like rent, utilities, and staff ... insurance include: Shop Owners Retailers Cafés and Restaurants Tradespeople and Landscapers Real Estate Agents Cleaners Beauty Salons Mortgage Brokers ...

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Referral Partners NZ

... Brokers Consultants and Other Business Service Providers Commercial Real Estate ... find out how to get in touch with one of our business insurance professionals. You can also access quick links to our self-service portal ...

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No Dramas

... Brokers Painters Personal Trainers Plumbers Real Estate Agents Recruitment Consultants Retailer Tradesmen Travel Agents and Tour Operators Protect your business today. Insurance ... a purchase. Very cost-effective Georide M . ...

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Tool and Portable Equipment Insurance

... insurance can help provide so much needed protection for your expensive electronic IT equipment that gets lost or damaged. Real Estate ... cost to replace your business tools and portable equipment could end up costing you ...

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How much does Public Liability Insurance cost?

... give you an idea, we have put together a snapshot of how much a stand-alone Public Liability insurance policy can cost for a small business, by analysing data from BizCover policies sold over the course of 2017. Our data ...

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Insurance for Mortgage Brokers

... covered in minutes What is mortgage broker insurance? As a mortgage broker it is important to have the ... of the factors used to calculate the cost of insurance for mortgage brokers may include: The size of your business ...

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Public Liability Insurance

... Get the right cover Public Liability Insurance cost Public Liability Insurance For your Business As much as ... our customers can attest to that! Here is a real-life claim example: A landscape gardener who was working at a ...

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Insurance for Cleaners

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Employers Liability Insurance

... find out how much an Employers Liability insurance policy will cost your business is by getting a quote ... won't bore you with jargon We're not fans of complicated insurance speak, so we talk to you in plain English. If you ...

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Insurance for Immigration Advisers

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Business Insurance

... in the world Covers loss or damage of laptops and mobile phones anywhere in the world. How much does Business insurance cost? No matter if you sell fishing tackle or lollipops, no two small businesses are the same. Each ...

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Insurance for Hairdressers

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Insurance for Painters

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Insurance For Cafes and Restaurants

... and penalties payable in specified circumstances and related legal expenses. FAQ's How much does Restaurant and Café Insurance cost? No matter if you are a fast-food joint or a degustation diner, every food business is ...

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Statutory Liability Insurance

... conducts can impact the pricing of your policy. To find out how much Statutory Liability insurance may cost your business get a quote today What is the difference between Professional Indemnity and Statutory Liability ...

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Insurance for Bookkeepers

... of cover Your claims history Location of your business To receive an accurate idea of how much business insurance will cost for your hairdressing business click here to get a quote or have a chat to our friendly team ...

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Insurance for Architects & Designers

... button, so you can get straight back to the drawing board of grand designs! How much does architect's insurance cost? No two buildings are alike, and no two architects are alike either. Insurers use a range of different ...

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Insurance for Tradies

... or personal injury (not covered by the ACC). This includes defence costs cover. How much does business insurance cost? To receive an accurate idea of the cost involved get a quote with BizCover today Why should Tradies ...

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How Are Business Insurance Premiums Calculated?

... business is located can affect the pricing of your business insurance premium. Some areas may be deemed a higher risk ... the type of security measures that may lower the cost of your premium by having extra security steps ...

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Insurance for Accountants & Tax Agents

... cyberattack or data breach. Without accountancy insurance, the costs of compensating a client or responding to ... at how easy that quote + purchase process was. Another broker wanted me to complete an 8-page PDF. You made ...

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Business Insurance FAQs

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Insurance for Plumbers

... . These are real life risks plumbers are faced with every day. Business insurance for plumbers is ... of your business activities. It covers your legal and defence costs, as well as compensation awarded to the claimant. Even ...

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How Cyber Insurance Protects Small Businesses

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Insurance for IT Professionals

... the financial costs including defence costs. Public and Product Liability insurance offers important ... Customer Experience I have been in touch with at least 2 brokers to get some public liability sorted for over a year so ...

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Insurance for Travel Agents and Tour Operators

... professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or ... Liability insurance* Interacting with clients, suppliers and members of the public means there is a real ...

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Insurance for Personal Trainers

... service or advice. PI Insurance will also help with the legal costs associated with responding to ... Thanks Sean M. Personal Fitness Trainer A direct dial to your brokers once we have spoken would be good and their email as ...

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Public Liability Insurance Explained

... Public Liability insurance in place, how would you be able to pay for the related legal costs as well as ... our customers can attest to that!! Here is a real-life claim example: A landscape gardener who was working at a ...

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Tradies Guide to Business Insurance Packages

... the cost of all of the contents of your toolbox, you may well be surprised by just how much real-world value ... spanner gets thrown into the works, that's where tradie insurance can help. You may run a one-man band or have ...

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How Insurance Can Protect Landscape Architect

... omissions in their work. A real-life example of Professional Indemnity insurance in action Take this example of ... by the ACC). This includes defence costs cover. Cyber Liability insurance Your plans and designs are valuable ...

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Insurance for Education Consultants

... professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or ... Liability insurance* Dealing with clients, suppliers and members of the public creates real opportunities ...

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What is Tool Insurance and why do Tradies need it?

... without your job, there's no income and you've a real problem on your hands. Like any small business owner, you ... in New Zealand. Why do tradies need to consider Tool insurance? If your tools were lost or stolen, your work ...

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How To Decrease Trades Business Costs And Risks

... like it, just like the need for business insurance , such as trade insurance , price increases are considered an essential part of running a successful business Cost increases are part of daily life for trade business ...

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Cyber Insurance - Is it worth it?

... 50,000. In New Zealand, ransom ware demands costs small businesses millions of dollars per year. But cyber ... policy.This is where Cyber Liability insurance provides cover. Cybercrime is a real threat. Make sure you have the ...

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Do I need Business Insurance

... kind of risk you need to think about when not having an insurance policy in place. The scale of the financial impact can range ... can happen so easily. There's also the real risk of causing damage to your customers property ...

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How Much Does It Cost To Recover Lost Data?

... or network security breaches against your small business. Cyber Liability insurance can cover the cost of forensic cyber analysis. This includes the costs of investigating the cause and extent of the breaches. It ...

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Cost Saving Tips For Contractors

... , such as contractor insurance, price increases are considered an essential part of running a successful business Bulk purchase your materials When you buy materials in bulk, the cost of individual items drops, which ...

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Insurance for Mechanics

... service or advice. PI Insurance will also assist with the legal costs associated with responding to or ... , runs the real risk of being compromised if a cyber attack were to occur. Cyber Liability insurance is there to ...

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Cyber Liability Insurance

... with them FAQs How much does a Cyber Liability insurance policy cost? Like other business insurance policies, the cost of your actual Cyber Liability insurance policy will be unique to your own business' circumstances ...

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Insurance for Photographers

... in your inventory How much does Insurance for Photographers cost? Every photo you take or video ... out how to get in touch with one of our business insurance professionals. You can also access quick links to our self ...

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Cyber Liability Insurance Explained

... Each business is different with an exposure to various risks. There isn't a one size fits all Cyber Liability insurance policy, so the actual cost will depend your business and its unique factors. What factors affect the ...

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Reviews related to Real Estate Broker E&O Insurance Cost

  • IT WAS NICE AND EASY TO RENEW THE INSURANCE- THANK YOU FOR A TROUBLE FREE EXPERIENCE

    Janette Wallbutton
    Real Estate

  • Real easy to renew your cover and they email you a reminder.

    Joseph Caldwell
    Information Technology

  • A real person promptly answered my phone call - no redirection / no music while holding!! Quick and efficient answers to my questions.

    Astrid Herbert
    Trades & Services

  • Awesome experience. Talking to a real person that had a pleasant persona. Was just so easy and I think it was Aaron?? was great to deal with. Gave us some discount as we are recognised as an existing client which is always a good feel thing and also that

    Pete Halligan
    Trades & Services

  • Online, easy and cost effective

    David Ball
    Information Technology

  • Excellent online service, frequent reminders of the expiry date, and a reasonable cost for the protection.

    David Crockett
    Trades & Services

  • Compared to the other quotes I was getting and poor customer service I was dealing with, BizCover were friendly and helpful, patient as I said I wasn't ready yet due to waiting for other insurance brokers who were terrible, BizCover kept trying to call bu

    Layla Dowthwaite
    Consultancy Occupations

  • I did fill this in before - don't know what happened to it. I thought the on-line service was good. The real proof about the value of any insurance product though is what happens when you have to claim!

    Alison McDonald
    Consultancy Occupations

  • Highly recommended way of doing business insurance with out hassles and cost effective

    Peter Digby
    Manufacturing

  • Easy to deal with; did as they said. ie when I asked them to call back they did. Normally choosing insurance is a big headache but this was so straightforward and pleasant. I would definitely recommend them. A

    Alisa Drewett
    Medical

  • I found getting insurance from BizCover exceptionally easy, did it over the phone,the representative that I was dealing with explained everything clearly and walked me through the whole process from start to finish.

    Tina Buckler
    Allied Health

  • Nice and fast, but not immediately obvious where to download insurance certificate.

    Charles Brooks
    Consultancy Occupations

  • Extremely easy, user-friendly online purchase process, really good. But like all insurance the value isn?t known until you need to make a claim. I hope if that?s ever needed, that process and customer service is equally as good.

    Angela Clarke
    Information Technology

  • They have competitive pricing but when selecting your insurance product you are completely on your own as the consultants do not provide any advice or recommendation regading the suitability of cover. That is of some concern if the kind of work you do isn

    Monique Princen
    Information Technology

  • The representative said that he wasn't sure if the situation I described was included in the insurance I selected and he would need to check with the under writer and call me back. I thought "yeah right" but he did call back very quickly and then my cover

    Quentin Duff
    Trades & Services

Why do Real Estate Agents need it?

No matter how much pride and care you may take in your role as a real estate agent, there is always that exposure to some element of risk. The real estate world is competitive, and you’ve worked hard to build your business and its reputation, the last thing you want is a claim to send it all crashing down.

These are some of the reasons why, as a real estate agent you may need to consider business insurance:

  • To join certain industry boards and become a member, you may be required to hold a certain level of Professional Indemnity insurance*
  • Giving advice you your clients about property and estates could land you in hot water if things don’t follow the expected blueprint!
  • If a client, member of the public or another third-party was to slip, trip or fall for example on your business premises you may be held liable for any injuries caused (when not covered by the ACC)- this is where Public Liability insurance* can help
  • When you’re out on the road visiting and showing clients around, it is important you have some protection in place for things like your laptop, mobile phones etc with Portable Equipment cover*

Did you Know?

Real estate agents providing incorrect or misleading information topped the consumer complaints and inquiries to the Real Estate Agents Authority (REAA).

Insurance for Real Estate Agents

Professional Indemnity

Professional Indemnity insurance is designed to protect your business against legal claims and costs by third parties for damage arising from acts, error, omissions, and breaches in your professional duty. This may include the sale of real estate, poor property management, allegations of misleading or misrepresentation or a breach of statutory rules.

What is covered?

  • Damages and claimant costs awarded against the insured
  • Legal and defence costs
  • Claims investigation costs
  • Inquiry attendance costs
  • Public relations costs

What is NOT covered?

  • Intentional damage
  • Known claims and circumstances
  • Fraud and dishonesty
  • Bodily injury / property damage

Public Liability

This insurance is an essential component of any business’ insurances. It covers your liability to third parties for any property damage and or injury or death arising out of your work where ACC does not respond. Typical claims for Real Estate Agents might include leaving a property unlocked and a theft occurs or by causing damages to a property or its contents during an open home. It is relatively cheap cover for the amount of protection afforded.

What is covered?

  • Compensation for accidental damage to third party property
  • Compensation for personal injury or death to third parties where the ACC does not provide cover
  • Legal and defence costs

What is typically NOT covered?

  • Injury to your employees
  • Damage to your own property
  • Compensation for personal injury whereby cover is provided by the ACC
  • Known claims and circumstances

Protect your business today.

Business Insurance

While your clients are essential to your real estate business, take a moment to think about the other elements that help you close the deal. There are things like the bricks and mortar of your real estate premises (if you own it), your office furniture and equipment, and your vital sales tools like your phone, tablet, laptop etc.

Without them, doing business would be next to impossible, and that’s why it’s important to have some forms of protection in place if an unpredictable challenge were to disrupt your business activities.

Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance policy can also cover your portable equipment, and loss of revenue due to business interruption in specified circumstances.

Let’s take a look at these different types of coverages and how they can help your real estate business.

Building*– Covers you for loss and damage to buildings you own, as a result of an insured event, e.g., fire, malicious damage.

Contents*-Cover for loss of or damage to items such as business equipment, stock, plant and machinery, records, fixtures and fittings and furniture belonging to you at the insured location.

Business Interruption*– Business interruption insurance provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).

Portable Equipment cover*– Covers you for loss and damage to your tools and equipment due to theft, fire and other perils listed in the wording, anywhere in New Zealand.

Cyber Liability

Working as a real estate agent, you will have sensitive and important documentation that you will need to protect from data breaches and other malicious cyber threats. In such an event, cyber insurance can help cover your business in the event of:

• Forensic investigation costs
• Data restoration costs
• Security failure claims
• Public relation costs
• Cyber-extortion costs
• Fines, penalties, and loss due to defamation
• Privacy and intellectual property claims
• Identity theft
• Ransom and extortion

Statutory Liability

With the ever-changing statutory landscape for the Real Estate industry, it is becoming more and more crucial for Real Estate Agents to have protection for any inadvertent breaches of New Zealand statutes. This will cover legal defence costs as well as, in some cases, cover for fines incurred.

Want to know more?

Get your fix on all things business and insurance with our blogs. Perfect reading for in between open houses and inspections!

Understanding insurance-part 2: Professional Indemnity insurance

https://www.bizcover.co.nz/understanding-insurance-part-two-professional-indemnity-insurance/

Ever wanted to understand the nitty gritty of Professional Indemnity insurance? This simple guide breaks down some of the key facts and information, jargon free.

* This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned.

Need Help?

Visit our Contact Us page, where you can find out how to get in touch with one of our business insurance professionals. 

You can also access quick links to our self-service portal, where you can download your Certificate of Currency, update your payment details, amend your cover and download your policy documents. 

 

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